The Foundation platform is a decentralized project that seeks to help build an economy that revolves around NFT tokens, with a final emphasis on community and the generation of a decentralized economy.
PTo achieve this, the Foundation seeks to enable artists to generate value through their artistic expressions captured by Ethereum's blockchain technology. In this way, Foundation becomes a showcase where unique NFTs can be presented for their artistic and economic value, allowing direct interaction between their creators and platform users.
However, perhaps Foundation's greatest achievement is creating a cohesive community that drives the development of artistic NFTs. To do this, Foundation provides tools that help understand the scope of NFTs inside and outside the crypto community.
The platform has been in operation since February 2021 and has since become one of the most important NFT spaces in the world. With its more than 300.000 users and more than 200 thousand NFTs listed, Foundation has been able to exceed 150 million dollars in sales, positioning itself among the largest NFT markets in the world.
Foundation: a community, marketplace and showcase focused on NFTs
Foundation is an interesting dApp because it seeks to create a broad decentralized community focused on NFTs. And, at the same time, it seeks to make that community the creator of NFTs that end up generating enormous value and recognition. In that sense, the operation of Foundation is quite simple: you connect to its dApp using a wallet like MetaMask and from that precise moment you can already create content in the app.
Once inside the dApp you can create, explore, buy and sell NFTs in a completely decentralized way. The buying or selling process works thanks to a decentralized auction system where the currency used is ETH. With these services, Foundation seeks to become a benchmark within the NFTers community, being a space recognized for the quality of the work that we can see within it.
Thus, we can see how artists are able to create their digital art collections and place them for sale within this marketplace allowing users to see them and, if they wish, buy them by participating in the auction or directly complying with the price requirement of its creator.
How does Foundation work?
Foundation is a dApp built on Ethereum, so all its programming has been created using smart contracts written in the Solidity programming language. This means that we can interact with Foundation using Web3 wallets such as MetaMask or WalletConnect, which are the wallets recommended by its developers.
Creators at Foundation
Creators are all those people who have the skill and desire to create a piece of digital art and place it on Foundation. Becoming a creator in Foundation is very simple, you just have to click on the "Create" button and complete the registration of your artistic profile by verifying your Twitter and Instagram account. The idea of this registry is simply to verify through social networks that you are a creator of digital art and that there are means by which you present your work and it is possible to contact you.
In addition to this, creators can also be invited to join the Foundation by other members of the community. This makes it easy to access the platform and maintains its cohesion. In any case, once you have created your profile as an artist, you will be able to deploy a smart contract and mint the NFT you want. This includes not only the creation of the NFT itself, but also its storage within an IPFS instance so that it can be accessed in a decentralized manner from anywhere in the world.
An interesting point about Foundation is that its smart contracts have a clause that works like a royalty system. Thanks to it, the creator can benefit economically from his creation even after it is sold. This is possible because with each resale of the NFT, the creator will automatically receive 10% of the value of that resale. All of this is managed by the NFT smart contract, which will take the payment and direct the corresponding commission to the creator's wallet.
for collectors
If instead of being a creator you are a collector, then Foundation also facilitates your interaction. To do this, you just need to connect to the dApp and browse all its collections until you find what you are looking for. At that point all you have to do is have ETH in your wallet and place your order to buy in the auction. You can also make a direct purchase by paying the full amount requested by the artist if they activate this option.
Once you have purchased the NFT you will be able to see it within your Foundation collector profile. You can then display it in your virtual gallery, share it on social networks or sell it later on the secondary market.
Some great value NFTs in Foundation
Foundation is full of creators and NFTs that have been very well received, something that we can see in the statistics of the platform.
Highlights the NFT "Stay Free" by Edward Snowden, which managed to sell for 2.224 ETH, being the most valuable NFT on the platform so far. They are followed by the NFTs created by shvembldr, a creator associated with TBOA.CLUB, a blockchain art generation project that has managed to accumulate a total of more than 1.555 ETH during its entire history within the Foundation.
Even projects as emblematic as Tor Project, responsible for the secure and P2P communication protocol prevailing on the Deep Web, the Tor protocol, has created an NFT that it has managed to sell for 500 ETH, and whose funds have been used to pay for the infrastructure and pay the salaries of its workers.
In this sense, it is clear that Foundation is an open place for anyone who wishes to show their digital creations to the world, without distinctions or barriers of any kind, offering total freedom to its creators and users at all times.
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